AsianFin — The German government is preparing to invest billions of euros in its semiconductor industry. This comes two months after Intel postponed plans to invest €30 billion ($32 billion) in building a chip factory in Magdeburg.

Annika Einhorn, a spokesperson for the German Ministry of Economic Affairs, announced in a statement that the new funding will be directed towards chip companies to develop "modern production capabilities far beyond current levels." This move is part of Germany's broader strategy to boost its semiconductor sector and strengthen its position in the global chip market.